As illustrated above, there have been 4 times since 2013 that XAUUSD has been rejected from the 1350 level. We're currently approaching a 5th test of this resistance level in the past 5 years and we should watch this level closely, as a break-through here could potentially lead us to a new all-time high in the near future. Another thing to look at on the above...
So my last post regarding where we would catch support (roughly around $1,300) was incorrect.
My main thought process behind us catching support at that level was because I believed $1,300 was a very psychological number. However, it appears that this is not true anymore as we've been over and back $1,300 so often the past 18 months that traders have become numb...
Sorry it took me so long to publish an updated idea, I've recently switched firms and have been very busy with work.
There has been clear bullish divergence, since the 1305 area (my second buy area in my last idea), however as we all know gold tends to overshoot either way as stragglers get into late positions.
USDJPY got rejected at 113, and the USD won't make...
Today we saw a "drop" of $5. Of course that's all it takes for the bears to flood TV with their sub 1200 predictions (they'd probably just be happy to close their current underwater positions at BE).
One of the main issues people are having, is that they think this rally is solely due to the tensions with North Korea. As we've all seen with political tensions...
Rough chart of an inverted head and shoulders pattern, will watch to see if it breaks through the neckline.
First target of 1400-1500 within a year on the monthly chart. Very healthy RSI (building momentum), and MACD crossing to the upside.
Gold has been trapped in a range between 1200-1300. Essentially any trade you've made within this range, you will have made profit even if your analysis has been 100% incorrect (which I guess isn't the worst thing, as this could be used as a good learning tool).
Over the past few months, it seems that there's been numerous "fat-finger" incidents, that have...
Looks like gold wants to correct a bit from the fresh high we just made for 2017.
This could possibly tag the 1230/40 area before continuing upwards for a clear break of the 6-year trend-line, which is still giving us some problems.
Gold has a lot going for it, as the dollar continues to make lower lows (made a new 2017 low this week), while continuing to make...
There seems to be a strong misconception regarding the Fed Fund Rate, and it's effect on the DXY and XAUUSD.
As you can see above, XAUUSD rallied over 100% when the Fed Fund Rate was raised from 1% in 2003 to 5% in 2006 (this wasn't direct, there were numerous rate hikes in between, just for the simplicity of the chart I've only added a few).
When the Fed Fund...
I'm still long on gold, adding to my position with the most recent dip.
RSI has failed to break down below the mid 40 level two times already (a failed attempt now would be the third). As I mentioned in my last post on gold, I saw a potential drop to the 1230-1240 area, which we got (I commented to a TV'er that I thought 1250 might be an updated bottom, was too...
Gold is looking to break the 2011 downward trend line.
If you look at the RSI, you can see that gold has been in consolidation since early 2013.
I truly believe we will break the trend this year, with fundamentals supporting this move.
We may not initially break the trend this month, however the only downside risk I see is to the 1230-1240 area (my thin...
Short DXY, long XAUUSD.
Although there may be small dips in XAUUSD, and bumps in the DXY, I'd much rather be caught long in XAUUSD, rather than caught short.
This is supported by both fundamentals and strong bear divergence spanning over years.
This is not a scalp trade.
We have had 2 strong bounces off the 1220 area, with both bounces hitting above 1230.
It must be noted that the level we got rejected at (1240), is the bottom of the past low we made in October. It appears that passing this level is the gateway to 1280.
It will be interesting to see if gold even bothers retesting 1220 again in the next few days, rather than...
Copper broke the range it was trapped in on Friday, and I've been long via IVN.TO for roughly a month now.
I'll be buying any dips or retests of the previous range.
As soon as we touch sub 4.50 for IVN i'll be buying.
-Healthy RSI, MACD crossing up on the 1D.